In general, the smaller the numerical value of price elasticity (in absolute value):
a. ?the smaller the responsiveness of price to changes in consumers' quantity demanded.
b. ?the smaller the responsiveness of consumers' quantity demanded to changes in price.
?c. the larger the responsiveness of price to changes in consumers' quantity demanded.
?d .the larger the responsiveness of consumers' quantity demanded to changes in price.
Answer: ?the smaller the responsiveness of consumers' quantity demanded to changes in price.
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Dan is the owner of a price-taking company that manufactures sporting goods. One particular facility Dan owns produces baseball bats and baseball gloves. His cost function for baseball bats is CB(QB, QG) = 100QB + QB2 + QBQG and the marginal cost is MCB = 100 + 2QB + QG, where QB is the output level for bats and QG is the output level for gloves. Dan's cost function for baseball gloves is CG(QB, QG) = 50QG + QG2 + QGQB, and the marginal cost is MCG = 50 + 2QG + QB. The price of a baseball bat is $240 and the price of a baseball glove is $150. What is Dan's total profit assuming he is producing both products at their profit-maximizing sales quantities?
A. $3,600 B. $4,000 C. $4,400 D. $4,500
The identification of hazardous wastes under the Resource Conservation and Recovery Act (RCRA)
a. uses benefit-cost analysis for characteristic wastes b. uses a uniform approach to implement the identification criteria c. employs an index based on toxicity d. is based on risk-benefit analysis
Long-term bonds are
a. riskier than short-term bonds, and so interest rates on long-term bonds are usually lower than interest rates on short-term bonds. b. riskier than short-term bonds, and so interest rates on long-term bonds are usually higher than interest rates on short-term bonds. c. less risky than short-term bonds, and so interest rates on long-term bonds are usually lower than interest rates on short-term bonds. d. less risky than short-term bonds, and so interest rates on long-term bonds are usually higher than interest rates on short-term bonds.
"Leaning against the wind" is exemplified by a(n)
a. tax increase when there is a recession. b. decrease in the money supply when there is a recession. c. increase in government expenditures when there is a recession. d. All of the above are correct.